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Greece Back to Biting Markets — Monday’s IP Market Recap

InvestorPlace Market RecapDebt-laden Greece — one of the biggest market stories of 2011 — was back to haunting U.S. markets on Monday as the deeply indebted country’s inability to reach a deal with private creditors weighed down financials and the broader indices, though many stocks rebounded by day’s end.

Bank of America (NYSE:BAC) was the biggest loser among the U.S. giants, dipping about 3%. Citigroup (NYSE:C) fell 2.1%, Wells Fargo (NYSE:WFC) lost 1.2% and JPMorgan Chase (NYSE:JPM) dropped a half-percent.

A couple other stocks in media and fast food were unable to follow the rest of the pack back off the bottom.

USA TODAY parent Gannett (NYSE:GCI) was down almost 7% after missing fourth-quarter earnings estimates, mostly related to one-time charges from writedowns and a $14.7 disability retirement package for CEO Craig Dubow. The company’s 49 cents per share in Q4 missed estimates by 19 cents and were down 32% from the year-ago period. Gannett said minus one-time charges, earnings would have been 72 cents per share.

Wendy’s (NASDAQ:WEN) fell almost 4% after reporting same-store sales were down almost 30% in the fourth quarter, though it met quarterly earnings expectations of 4 cents per share. Revenue was up about 5.6% to $615 million from the year-ago period, just inching out analyst expectations of $613 million.

Three Up

  • Pep Boys (NYSE:PBY): Up 23.6% ($2.85) to $14.93.
    Note: Pep Boys was bought out by private investment firm The Gores Group.
  • Renren (NASDAQ:RENN): Up 20.2% ($1.06) to $6.31.
  • Amylin Pharmaceuticals (NASDAQ:AMLN): Up 17.46% ($2.12.) to $14.26.

Three Down

  • Hyperdynamics (NYSE:HDY): Down 22.9% (77 cents) to $2.60.
  • Melco Crown Entertainment (NASDAQ:MPEL): Down 7.42% (87 cents) to $10.85.
  • Staples (NASDAQ:SPLS): Down 4.9% (78 cents) to $15.23.

Kyle Woodley is the assistant editor of InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities. Check out recaps from previous trading days here.


Article printed from InvestorPlace Media, https://investorplace.com/2012/01/greece-debt-financial-stocks-bac-c-wfc-jpm-gannett-wendys/.

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